Summary of new Bills covered in Queen’s speech that could impact the energy market

HomeBlogSummary of new Bills covered in Queen’s speech that could impact the energy market

20 May 2016

In the Queen’s 65th speech to parliament yesterday she announced the Better Energy Bill which will implement measures designed to increase the competitiveness of the market, as per the final recommendations from the Competition and Markets Authority (CMA).

We have summarised the key points of the Bills that could impact the energy market:

Better Markets Bill

This will increase competition in the energy market so consumers will have more choice when it comes to switching. Domestic consumers will have greater protection should things go wrong during their switching process which will also be faster thanks to this new legislation. Receiving decisions from the Competition and Markets Authority (CMA) will also be quicker.

Modern Transport Bill

This will encourage investment in driverless and electric cars and put the UK at the forefront of “the modern transport evolution.”

Local Jobs and Growth Bill

This Bill (England only) will enable local authorities to retain 100% of their business rates and will give more power to local councils so they can cut business rates for local firms. Mayors will also be able to increase business rates to fund larger infrastructure projects.

Wales Bill

This Bill will give powers to Welsh Ministers so they have consent over all onshore wind projects in Wales and any onshore or offshore energy project up to 350MW. This also means that the Welsh Assembly will decide whether or not licences should be granted for onshore oil and gas i.e. shale.